Investors from the United Arab Emirates (UAE), in the Middle East, have signalled an interest in investing in Guyana, eyeing not only the abundant natural resources and emerging sectors but also Guyana’s ability to be a gateway to the Caribbean and South America.
The first clear indication of this was given when Unidome Global DWC LLC, an Emirati-owned company entered into a joint venture with Guyanese company Global Infrastructure Solutions for the establishment of a 5 million USD concrete manufacturing facility in Guyana.
According to a press release distributed by Press Wire, this facility will allow Guyana to use cost-efficient slabs that are better for the environment, in the construction of a Deepwater harbour, a 100-mile Deepwater natural gas pipeline, shore bases, and industrial zones. These are all needed to support the burgeoning oil and gas industry and the associated developments.
And, this joint venture was initiated through a Memorandum of Understanding (MoU) signed between the two companies in the UAE.
Beyond this massive investment, however, the Guyanese government has been promoting investment opportunities and incentives in Guyana. During a visit to the Middle Eastern country, President Dr. Irfaan Ali and a team of ministers and other officials of the government met with members of the Emirati government, private sector, and local media.
Emerging from those engagements, President Ali said that the government is interested in creating a new logistics hub in Guyana for the UAE to allow the Middle Eastern country to connect with other business opportunities in South America, Central America, the Caribbean, North America, and West Africa. This, essentially, means that Guyana has pitched itself as a gateway to these markets.
While responding to questions at a press conference in the UAE, President Ali posited that Guyana could be a “strategic partner” for the UAE because of its geographic location. Of particular note, he said, is the existing land border between Guyana and Brazil and the emerging land border between Guyana and Suriname.
And this has been met with a positive response. Chief Executive Officer (CEO) of Abu Dhabi Ports and owner, operator, developer, and regulator of Abu Dhabi’s maritime infrastructure and Khalifa Industrial Zone (KIZAD), Mohamed Juma Al Shamisi said that his company is “very serious” about investing in Guyana. This is according to reports from the Office of the President.
Yet another clear indication of the investment in Guyana, specifically the private sector interest, was a report indicating that the Dubai Chamber of Commerce and Industry is ready to facilitate the establishment of a Guyanese trade office in Dubai.
According to a report from President Ali’s office, the President and Chief Executive Officer (CEO) of the Dubai Chamber of Commerce Hamas Buamin indicated that the Emirati private sector was ready to facilitate this office. This is part of efforts to connect businesses for trade and business opportunities and facilitate greater investments and partnerships.
Other investments from entities and government organs in the UAE are expected as the Guyanese government and private sector continue to promote investment opportunities in the country.
Potential investment areas include the energy sector, tourism and hospitality, agriculture and agro-processing, information and communications technology, and forest services.